Urban One, Inc.

Aug 4, 2026 at 11:00 AM UTC

Urban One, Inc. reports second quarter 2026 results

SILVER SPRING, Md., Aug. 4, 2026 /PRNewswire/ -- Urban One, Inc. (NASDAQ: UONEK and UONE, referred to as, "Urban One," the "Company", "we", "our" and/or "us") today reported its results for the three months ended June 30, 2026. For the three months ended June 30, 2026, net revenue was approximately $85.8 million, a decrease of 6.4% from the same period in 2025. The Company reported operating loss of approximately $11.2 million for the three months ended June 30, 2026, compared to operating loss of approximately $120.7 million for the three months ended June 30, 2025. Broadcast and digital operating income(1) was approximately $22.2 million for the three months ended June 30, 2026, a decrease of $3.5 million from the same period in 2025. Net loss was approximately $7.1 million or $(1.58) per share (basic) for the three months ended June 30, 2026, compared to net loss of $77.9 million or $(17.41)(a) per share (basic) for the same period in 2025. Adjusted EBITDA(2) was approximately $11.7 million for the three months ended June 30, 2026, compared to approximately $14.0 million for the same period in 2025.

Alfred C. Liggins, III, Urban One's CEO and President stated, "We saw some sequential improvement in the second quarter compared to the first quarter, with lower rates of revenue decline. Cable Television was down 7.4%, Digital was down 8.4%, Radio was down 3.9%, and Reach Media dropped by 10.6%. In Radio, our Miller Kaplan local Radio revenues were down 10.1% year-over-year vs. the market down 7.8%; and national was down 1.5% vs. the market down 4.6%. Including local digital, second quarter Radio revenue was down 4.9%. We did approximately $1.4 million in gross political advertising in the second quarter. Radio third quarter is pacing down 2.8%. We remain in a turnaround situation at Reach Media, where we continue to be impacted by a weak marketplace, key client attrition and sales team re-building. We continue to closely manage cash flows from operations, with concerted efforts to collect receivables and manage discretionary vendor spend. During the three months ended June 30, 2026, the Company repurchased approximately $23.5 million of its 2031 Second Lien Notes at a weighted average price of approximately 42.0% of par. Year-to-date, that is a total reduction in long-term debt of $60.2 million for an annual interest savings of $4.6 million and an increase in short-term debt of $10.0 million. During the quarter we completed the disposition of WLNK and WMXG in Charlotte. Our revised Adjusted EBITDA(2) guide for 2026 is now in the mid-fifty-million dollar range, given the realities of the current marketplace."

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

(Unaudited)

CONSOLIDATED STATEMENTS OF
OPERATIONS

(In thousands, except share data)

NET REVENUE

$ 85,757

$ 91,631

$ 163,408

$ 183,866

OPERATING EXPENSES

Programming and technical, excluding stock-based
compensation

29,774

28,647

59,779

59,245

Selling, general and administrative, excluding stock-
based compensation

45,201

49,493

88,684

99,598

Stock-based compensation

1,680

574

1,881

1,250

Depreciation and amortization

6,184

3,523

12,361

5,838

Impairment of goodwill, intangible assets and long-
lived assets

14,157

130,078

14,157

136,521

Total operating expenses

96,996

212,315

176,862

302,452

Operating loss

(11,239)

(120,684)

(13,454)

(118,586)

INTEREST AND INVESTMENT INCOME

—

616

1,582

INTEREST EXPENSE

(2,070)

(9,704)

(6,477)

(20,628)

GAIN ON SALE OF BUSINESS

4,671

—

4,671

—

GAIN ON RETIREMENT OF DEBT

—

30,297

2,080

41,884

OTHER (EXPENSE) INCOME, NET

(43)

124

(51)

316

Loss before benefit from income taxes

(8,681)

(99,351)

(13,223)

(95,432)

BENEFIT FROM INCOME TAXES

1,703

21,382

3,144

5,724

NET LOSS

(6,978)

(77,969)

(10,079)

(89,708)

NET INCOME (LOSS) ATTRIBUTABLE TO NON-
CONTROLLING INTERESTS

(67)

(64)

NET LOSS ATTRIBUTABLE TO COMMON
STOCKHOLDERS

$ (7,073)

$ (77,902)

$ (10,152)

$ (89,644)

Weighted-average shares outstanding - basic(3, a)

4,470,542

4,473,831

4,460,275

4,476,828

Weighted-average shares outstanding - diluted(4, a)

4,470,542

4,473,831

4,460,275

4,476,828

(a) Weighted-average shares outstanding used in the computation of basic and diluted net loss to common stockholders per share have been retroactively adjusted to reflect the 1-for-10 Reverse Stock Split that occurred on January 22, 2026.

Detailed segment data for the three and six months ended June 30, 2026 and 2025 is presented in the following tables:

Three Months Ended
June 30, 2026

(In thousands, unaudited)

Consolidated

Radio
Broadcasting

Reach Media

Digital

Cable
Television

Corporate/
Eliminations/
Other

NET REVENUE

$ 85,757

$ 35,276

$ 4,754

$ 9,397

$ 37,121

$ (791)

Less/(add):

Programming and technical

29,774

10,910

3,203

3,127

12,704

(170)

Sales and marketing

24,982

11,641

1,905

5,858

5,913

(335)

General and administrative

20,219

6,724

673

514

4,299

8,009

Add back:

Severance-related costs

—

Other costs

856

236

—

620

Adjusted EBITDA(2)

$ 11,723

$ 6,288

$ (1,027)

$ (92)

$ 14,205

$ (7,651)

Three Months Ended
June 30, 2025

(In thousands, unaudited)

Consolidated

Radio
Broadcasting

Reach Media

Digital

Cable
Television

Corporate/
Eliminations/
Other

NET REVENUE

$ 91,631

$ 36,693

$ 5,315

$ 10,254

$ 40,070

$ (701)

Less/(add):

Programming and technical

28,647

9,993

3,178

3,267

12,372

(163)

Sales and marketing

28,310

13,389

3,053

6,572

5,831

(535)

General and administrative

21,183

6,373

735

561

3,811

9,703

Add back:

Other costs

469

—

469

Adjusted EBITDA(2)

$ 13,960

$ 6,938

$ (1,651)

$ (146)

$ 18,056

$ (9,237)

Six Months Ended
June 30, 2026

(In thousands, unaudited)

Consolidated

Radio
Broadcasting

Reach Media

Digital

Cable
Television

Corporate/
Eliminations/
Other

NET REVENUE

$ 163,408

$ 65,811

$ 9,614

$ 16,185

$ 73,154

$ (1,356)

Less/(add):

Programming and technical

59,779

22,516

6,286

6,168

25,150

(341)

Sales and marketing

48,798

22,159

3,546

10,486

13,317

(710)

General and administrative

39,886

13,365

1,409

1,001

7,538

16,573

Add back:

Severance-related costs

219

—

Other costs

1,215

237

—

978

Adjusted EBITDA(2)

$ 16,379

$ 8,107

$ (1,555)

$ (1,454)

$ 27,149

$ (15,868)

Six Months Ended
June 30, 2025

(In thousands, unaudited)

Consolidated

Radio
Broadcasting

Reach Media

Digital

Cable
Television

Corporate/
Eliminations/
Other

NET REVENUE

$ 183,866

$ 69,303

$ 11,168

$ 20,466

$ 84,263

$ (1,334)

Less/(add):

Programming and technical

59,245

21,286

6,546

6,454

25,281

(322)

Sales and marketing

57,386

24,935

5,178

13,359

14,927

(1,013)

General and administrative

42,212

13,423

1,761

745

7,406

18,877

Add back/(deduct):

Severance-related costs

219

114

(1)

Other costs

1,575

—

1,523

Adjusted EBITDA(2)

$ 26,817

$ 9,786

$ (2,202)

$ (88)

$ 36,648

$ (17,327)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

(Unaudited)

PER SHARE DATA - basic and diluted:

(In thousands, except per share
data)

Net loss attributable to common stockholders (basic)(a)

$ (1.58)

$ (17.41)

$ (2.28)

$ (20.02)

Net loss attributable to common stockholders (diluted)(a)

$ (1.58)

$ (17.41)

$ (2.28)

$ (20.02)

Broadcast and digital operating income(1)

$ 22,152

$ 25,664

$ 37,016

$ 48,680

Broadcast and digital operating income(1) reconciliation:

Net loss attributable to common stockholders

$ (7,073)

$ (77,902)

$ (10,152)

$ (89,644)

Add back/(deduct) certain non-broadcast and digital
operating income items included in net loss:

Interest and investment income

—

(616)

(8)

(1,582)

Interest expense

2,070

9,704

6,477

20,628

Benefit from income taxes

(1,703)

(21,382)

(3,144)

(5,724)

Corporate selling, general and administrative
expenses(b)

11,370

12,173

22,071

23,657

Stock-based compensation

1,680

574

1,881

1,250

Gain on sale of business

(4,671)

—

(4,671)

—

Gain on retirement of debt

—

(30,297)

(2,080)

(41,884)

Other expense (income), net

(124)

(316)

Depreciation and amortization

6,184

3,523

12,361

5,838

Net income (loss) attributable to non-controlling
interests

(67)

(64)

Impairment of goodwill, intangible assets and long-
lived assets

14,157

130,078

14,157

136,521

Broadcast and digital operating income(1)

$ 22,152

$ 25,664

$ 37,016

$ 48,680

Adjusted EBITDA(2)

$ 11,723

$ 13,960

$ 16,379

$ 26,817

Adjusted EBITDA(2) reconciliation:

Net loss attributable to common stockholders

$ (7,073)

$ (77,902)

$ (10,152)

$ (89,644)

Interest and investment income

—

(616)

(8)

(1,582)

Interest expense

2,070

9,704

6,477

20,628

Benefit from income taxes

(1,703)

(21,382)

(3,144)

(5,724)

Depreciation and amortization

6,184

3,523

12,361

5,838

EBITDA(2)

(522)

(86,673)

5,534

(70,484)

Stock-based compensation

1,680

574

1,881

1,250

Gain on sale of business

(4,671)

—

(4,671)

—

Gain on retirement of debt

—

(30,297)

(2,080)

(41,884)

Other expense (income), net

(124)

(316)

Net income (loss) attributable to non-controlling
interests

(67)

(64)

Corporate costs(c)

856

362

1,215

1,109

Severance-related costs

—

219

Impairment of goodwill, intangible assets and long-
lived assets

14,157

130,078

14,157

136,521

Loss from ceased non-core businesses initiatives

—

107

—

466

Adjusted EBITDA(2)

$ 11,723

$ 13,960

$ 16,379

$ 26,817

(a)

Weighted-average shares outstanding used in the computation of basic and diluted net loss to common stockholders per share have been retroactively adjusted to reflect the 1-for-10 Reverse Stock Split that occurred on January 22, 2026.

(b)

Corporate selling, general and administrative expenses consist of expenses associated with our corporate headquarters and facilities, including personnel as well as other corporate overhead functions.

(c)

Corporate costs primarily include professional fees related to the material weakness remediation efforts as well as legal costs related to acquisition activities.

As of June 30, 2026

As of December 31, 2025

(In thousands)

SELECTED CONSOLIDATED BALANCE SHEET DATA:

Cash and cash equivalents and restricted cash

$ 16,202

$ 26,358

Intangible assets, net(a)

257,116

279,653

Total assets

551,512

592,994

Total long-term debt, net

399,298

429,742

Short-term borrowings under the asset-backed facility

20,000

10,000

Total liabilities

532,284

565,760

Total stockholders' equity

16,313

24,603

Redeemable non-controlling interests(b)

—

2,631

Non-controlling interests(c)

2,915

—

(a)

Intangible assets, net include Goodwill, net, Radio Broadcasting Licenses, net, Other Intangible Assets, net, and Current Portion of Launch Assets, net.

(b)

On February 25, 2026, Reach Media closed on the Put Interest increasing the Company's interest in Reach Media to 100.0%. Reach Media paid the last of the non-controlling interest shareholders approximately $1.3 million for the 5.4% interest.

(c)

Non-controlling interests represent the legal ownership of a radio station operated under a Local Programming and Marketing Agreement and Option Agreement under the variable interest entity guidance effective April 1, 2026.

As of June 30, 2026

As of December 31, 2025

(In thousands)

SELECTED LEVERAGE DATA:

10.500% First Lien Senior Secured Notes due 2030(a, c)

$ 60,600

7.625% Second Lien Secured Notes due 2031(a, c)

235,113

291,020

7.375% senior secured notes due February 2028(b)

7,516

11,816

Total principal outstanding on long-term debt

303,229

363,436

Less: Unamortized debt issuance costs

(2,479)

(2,868)

Add: Premium(c)

98,548

69,174

Long-term debt, net

$ 399,298

$ 429,742

Short-term borrowings under the asset-backed facility

$ 20,000

$ 10,000

(a)

The 2030 First Lien Notes and 2031 Second Lien Notes pay interest semiannually on April 1 and October 1 of each year in arrears.

(b)

Subsequent to the effectiveness of the supplemental indenture on December 18, 2025, these notes are no longer secured. While these notes are styled as senior secured notes they are no longer secured by collateral. The 2028 Notes pay interest semiannually on February 1 and August 1 of each year in arrears.

(c)

The 2030 First Lien Notes and 2031 Second Lien Notes are accounted for under Accounting Standards Codification No. 470-60, Troubled Debt Restructurings by Debtors.

During the three months ended June 30, 2026, the Company repurchased approximately $23.5 million of its 2031 Second Lien Notes at a weighted average price of approximately 42.0% of par. As the 2031 Second Lien Notes are accounted under Accounting Standards Codification No. 470-60, Troubled Debt Restructurings by Debtors, no gain was recorded. Instead, the Company recorded an additional premium of $13.6 million, which is included in long-term debt, net on the Company's consolidated balance sheets.

The Company made two additional draws of $5.0 million each for a total of $10.0 million in the second quarter of 2026, payable at an interest rate of approximately 6.75% and 6.01%. After giving effect to the outstanding $20.0 million drawdown and adjustments to account for the Borrowing Base, the Company's borrowing capacity was approximately $26.1 million as of June 30, 2026.

The Company further made an additional draw of $7.0 million in the third quarter of 2026, payable at an interest rate of approximately 6.12%. The Company repaid the May 2026 draw of $5.0 million on August 2, 2026. After giving effect to the additional draw of $7.0 million, the $5.0 million repayment, and adjustments to account for the Borrowing Base, the Company's borrowing capacity was approximately $24.1 million.

Dispositions and Acquisitions

In March 2026, the Company entered into agreements to sell its WMXG and WLNK-FM radio broadcasting licenses in Charlotte, North Carolina along with the associated station assets from the Radio Broadcasting segment to unrelated third parties for approximately $0.7 million and $4.2 million, respectively. FCC approval was obtained on May 13, 2026 for the WMXG station and on May 12, 2026 for the WLNK-FM station. The Company completed both sales on June 1, 2026 and recognized a gain of $4.7 million, which is included in Gain On Sale Of Business in the unaudited consolidated statement of operations for the three and six months ended June 30, 2026.

On April 28, 2026, the Company entered into an agreement to acquire Service Broadcasting Group, LLC, including radio stations KKDA and KRNB in Dallas, Texas for $22.0 million. At the same time, the Company also entered into an agreement to sell radio station KZMJ from the Radio Broadcasting segment to Fuzion Dallas, LLC for $6.0 million.

FCC approval was obtained on June 23, 2026 and the Company completed the sale of KZMJ on July 6, 2026. The Company recognized a gain of $3.2 million on the KZMJ disposition in the third quarter of 2026. FCC approval was obtained on June 26, 2026 for the Service Broadcasting Group, LLC acquisition and the acquisition was completed on July 17, 2026.

Cautionary Note Regarding Forward-Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements represent management's current expectations and are based upon information available to Urban One at the time of this release. These forward-looking statements involve known and unknown risks, uncertainties, and other factors, some of which are beyond Urban One's control, which may cause the actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially are described in Urban One's reports on Forms 10-K, 10-Q, 8-K and other filings with the Securities and Exchange Commission (the "SEC"). Urban One does not undertake any duty to update any forward-looking statements.

For the three months ended June 30, 2026, we recognized approximately $85.8 million in net revenue compared to approximately $91.6 million during the three months ended June 30, 2025. These amounts are net of agency commissions. We recognized approximately $35.3 million of revenue from our Radio Broadcasting segment during the three months ended June 30, 2026, compared to approximately $36.7 million for the three months ended June 30, 2025, a decrease of approximately $1.4 million. This decrease was primarily driven by weaker overall market demand from the national and local advertisers. We recognized approximately $4.8 million of revenue from our Reach Media segment during the three months ended June 30, 2026, compared to approximately $5.3 million for the three months ended June 30, 2025, a decrease of approximately $0.5 million. This decrease was primarily driven by a decrease in syndicated revenue. We recognized approximately $9.4 million of revenue from our Digital segment during the three months ended June 30, 2026, compared to approximately $10.3 million during the three months ended June 30, 2025, a decrease of approximately $0.9 million. The decrease was primarily driven by the decrease in direct revenue streams, reflecting reduced advertising spend from diversity, equity and inclusion-focused campaigns. We recognized approximately $37.1 million of revenue from our Cable Television segment during the three months ended June 30, 2026, compared to approximately $40.1 million during the three months ended June 30, 2025, a decrease of approximately $3.0 million. The decrease was primarily driven by the churn of subscribers and lower advertising sales.

The following charts indicate the sources of our net revenues for the three and six months ended June 30, 2026:

Three Months Ended June 30,

2026

2025

$ Change

% Change

(In thousands, unaudited)

Net revenue:

Radio advertising

$ 34,732

$ 38,627

...